NSW economy likely in recession: official

www.9news.com.au
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<p>NSW Treasury&#x27;s chief economist says the state&#x27;s economy is headed for a recession for the first time in nearly 30 years as a result of the COVID-19 pandemic.</p>
NSW Treasury's chief economist says the state's economy is headed for a recession for the first time in nearly 30 years as a result of the COVID-19 pandemic .

Stephen Walters on Friday told an upper house inquiry into the NSW government's management of COVID-19 that the state economy was suffering as a result of the restrictions in place to limit the spread of the virus.

"It's pretty clear the economy of NSW is in a recession," he told the inquiry.

"It's our first for nearly 30 years."

Newly unemployed Sydneysiders queue up outside a Centrelink in Rockdale. (Janie Barrett/The Sydney Morning Herald)

Government sources argue it's too early to definitely categorise the NSW economy as being in recession.

A Treasury spokesman later on Friday said the department's modelling of the impact of the virus on gross state product growth "continues to evolve".

Mr Walters suggested…
AAP
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